Fair trade regulator the Competition Commission of India (CCI) on Thursday, May 14, dismissed a complaint alleging abuse of dominant position by SBI and collusion with Patanjali Ayurveda and International Traders in a bidding process.
The order came on the complaint filed by RH Agro Pvt Ltd, a large scale basmati rice manufacturer. The matter pertains to auctioning of RH Agro’s property by State Bank of India (SBI) after its account was classified as non-performing asset (NPA).
RH Agro’s manufacturing plant at Sonepat, Haryana had been extended as primary security to a consortium of banks for availing term loan and working capital requirement for its business. However, after the firm’s payments were constrained in 2012-13, the primary security was shut down and seized by SBI.
The complainant’s account was declared as NPA and valuation of land, building, and assets was also undertaken.
Full Content: Deccan Herald
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